Forex Analysis & Reviews: AUDUSD Potential for Bearish Drop | 6th December 2022
time 06.12.2022 03:16 PM
time Relevance up to, 07.12.2022 03:16 PM

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Looking at the H4 chart, my overall bias for AUDUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to head towards the 1st support at 0.65849, where the 38.2% Fibonacci line and previous swing low is. In an alternative scenario, price could possibly head back up to retest the 1st resistance line at 0.67711, where the 61.8% Fibonacci line is.

Trading Recommendation

Entry: 0.67711

Reason for Entry: Retest of the 1st resistance line

Take Profit: 0.65849

Reason for Take Profit:

1st support line and previous swing low

Stop Loss: 0.68508

Reason for Stop Loss:

Where the most recent swing high is

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
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